[150 Pages Report] The global cryogenic pump market is expected to reach USD 1.96 Billion by 2021, at a CAGR of 3.28% from 2016 to 2021. Increasing focus on gas-based generation and growing demand for medical gases are expected to drive the cryogenic pump market. Cryogenic pumps are employed to create, withstand, and operate in temperatures which are in the range of -120°C or below. They are used for refrigeration by using cryogenic gases such as nitrogen, helium, and argon among others. The global cryogenic pump market has been segmented on the basis of type, cryogenic gases, end-user, and region. In the cryogenic pump market, by end-user, the energy & power segment is expected to lead the market during the forecast period.

The years considered for the study are:

Historical Year  2014

Base Year  2015

Estimated Year  2016

Projected Year  2021

Forecast Period  2016 to 2021

Research Methodology

The cryogenic pump market valuation for various segments has been arrived by using cryogenic pump implementations in various regions and planned investments of operators. Finally, the global market size has been arrived at by consolidating markets of individual regions. Industry experts have also been contacted for validating the key findings of the report, in order to estimate the market appropriately. Individual responses and the viewpoints have been carefully studied and incorporated in the report. The market numbers have also been validated by both the top-down and bottom-up estimation approaches. In the top-down approach, regional and segmental markets have been derived from the parent market, considering the share of the segments. On the other hand, in the bottom-up approach, individual segment/regional market has been added to arrive at the final parent market.

The figure below shows the breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study.

The cryogenic pump market starts with raw material suppliers, which include components such as thermal shield, low temperature array, condensing array, and a cold head cylinder; and precision metal works. In the later stage, manufacturing of cryogenic pumps takes place where all raw materials are assembled. These equipment are then distributed to end-user industries such as energy & power, metallurgy, chemicals, electronics, and others (infrastructure, healthcare, food & beverage, shipbuilding, and aerospace).

Stakeholders:

This report includes the following stakeholders:

Cryogenic pump manufacturers, dealers, and suppliers

Cryogenic gases/liquid merchant producers, suppliers, and dealers

Cryogenic plant developers and service providers

Liquefied Natural Gas (LNG) dealers

Oil & gas companies

Consulting companies in the energy and power sector

Cryogenic and cold storage associations

Power and energy associations

Investment banks

Scope of the Report:

The report segments the market on the basis of type, cryogenic gases, end-user, and region.

By Type

Centrifugal

Positive Displacement

By Cryogenic Gases

Nitrogen

Oxygen

Argon

LNG

Others

By End-User

Energy & Power

Metallurgy

Chemicals

Electronics

Others

By Region

Asia-Pacific

Europe

North America

South America

The Middle East

Africa

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client's specific needs. The following customization options are available for the report:

The cryogenic pump market is expected to reach USD 1.96 Billion by 2021, at a CAGR of 3.28% from 2016 to 2021. The growth of this market is attributed to increasing demand for LNG from sectors such as power generation and domestic & commercial fuel and demand for medical gases in healthcare facilities. Moreover, the global cryogenic pump market is projected to witness high growth on account of rising power generation from renewables, which would result in reduction of carbon emissions.

Among various applications for which cryogenic pumps are employed, the energy and power segment is expected to be the largest market. Cryogenic pumps are generally used to handle, transfer, and supply liquefied gases such as oxygen, nitrogen, LNG, and argon, among others. Increasing deployment of cryogenic pumps in the energy and power industry is likely to drive the cryogenic pump market in the energy and power application market.

Positive displacement cryogenic pump is projected to be the highest growing segment on the basis of type of cryogenic pumps from 2016 to 2021. The reason behind the same would be increasing use of positive displacement pumps in end-use industries such as energy and power, shipbuilding, food & beverage, and healthcare, given its compact size. Asia-Pacific is the largest market for positive displacement cryogenic pumps, due to increasing energy demand in the region.

On the basis of cryogenic gases, LNG is projected to be the fastest growing market segment during the forecast period. This growth is attributed to increasing use of LNG for power generation in the energy and power industry and growing usage of oil tankers for transportation in the shipbuilding industry. The LNG market is expected to witness maximum growth in the Middle East region. Moreover, increasing focus on renewable generation is likely to boost the electronics segment.

Asia-Pacific region held the majority of market share in 2014, followed by Europe and North America. In terms of individual countries, Qatar and India are expected to show high growth potential in 2016. This growth can be attributed to increasing investments in the infrastructure sector in Qatar and growing focus towards renewable-based electricity generation in India. Asia-Pacific houses major LNG importers such as China, India, and Japan along with some of the key importers of natural gas. Hence, the region is expected to dominate the global demand for cryogenic pumps during the forecast period.

Steel production is decreasing due to over-capacity, economic slowdown in China, and declining oil & gas prices. This has led to dwindling investments in the steel industry, which is expected to restrict investments in new steel plants. In the steel industry, cryogenic gases are used to create homogenous and durable steel structures. The decrease in global production of steel could impact the demand for cryogenic pumps, which are used for transporting cryogenic gases.

The leading players in the industry, based on their recent developments and other strategic industrial activities, include Sumitomo Heavy Industries Ltd. (Japan), Ebara Corporation (Japan), Flowserve Corporation (U.S.), Fives S.A. (France), and Brooks Automation Inc. (U.S.). Contracts and agreements was the most commonly used strategy by top players in the market, constituting half of the total developments share. It was followed by expansions and mergers & acquisitions.

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